- Year-end 2021 Medicare Advantage Membership of 33,500, up 103%
year-over-year
- Full Year 2021 GAAP Total Revenue of $295.8 million, up 186%
year-over-year1; Pro Forma Revenue of $403.3 million, up 20%
year-over-year2
- 2022 Medicare Advantage Membership Expected to Grow 13% to
19%
- Expanded Presence with De Novo Openings in Memphis, Tennessee
and New York City
- Provides Full Year 2022 Guidance
CareMax, Inc. (NASDAQ: CMAX; CMAXW), a leading
technology-enabled provider of value-based care to seniors,
announced today financial results for the fourth quarter and full
year ended December 31, 2021.
“We delivered 2021 membership ahead of expectations, despite
COVID headwinds, and continue to demonstrate the effectiveness of
our model in delivering value-based whole person healthcare,” said
Carlos de Solo, Chief Executive Officer. “We are excited for the
year ahead as we expand our model with our most recent openings in
the Memphis, Tennessee and New York City markets, and deliver on
our mission to improve health outcomes for the most vulnerable and
underserved communities.”
Fourth Quarter 2021 Results1,3
- GAAP total revenue was $118.3 million, up 321%
year-over-year.
- Medical Expense Ratio was 71.5%, compared to 60.6% for the
fourth quarter of 2020; excluding estimated impacts from COVID of
$3.2 million, Medical Expense Ratio would have been 69.5%.
- GAAP net loss was $3.6 million, or $(0.04) per diluted
share.
- Adjusted EBITDA was $4.3 million; excluding the aforementioned
estimated impacts from COVID, Adjusted EBITDA would have been $7.4
million.
- Platform Contribution was $16.0 million; excluding the
aforementioned estimated impacts from COVID, Platform Contribution
would have been $19.2 million.
Full Year 2021 Results1,3
- GAAP total revenue was $295.8 million, up 186% year-over-year.
- Pro Forma Run-Rate Revenue for the year was $515.2
million.4
- Medicare Advantage membership as of December 31, 2021 was
33,500, up 103% year-over-year.
- Total membership as of December 31, 2021 was 83,500, up 61%
year-over-year.
- Medical Expense Ratio was 73.9%, compared to 64.1% for the
prior year.
- Pro Forma Medical Expense Ratio was 74.7%, compared to 70.3%
for the full year ended December 31, 2020; excluding estimated
impacts from COVID of $23.1 million, Pro Forma Medical Expense
Ratio would have been 69.5%.2
- GAAP net loss was $6.7 million, or $(0.13) per diluted
share.
- Adjusted EBITDA was $13.3 million; excluding the aforementioned
estimated impacts from COVID, Adjusted EBITDA would have been $36.4
million.
- Pro Forma Run-Rate Adjusted EBITDA for the year was $35.4
million.5
- Platform Contribution was $49.9 million; excluding the
aforementioned estimated impacts from COVID, Platform Contribution
would have been $73.1 million.
Recent Business Highlights
- Expanded de novo centers outside of Florida with two openings
in Memphis, Tennessee and one in New York City.
- Entered the Tampa and Space Coast markets within Florida.
- Achieved a Five-Star Quality rating, the highest possible
rating by CMS, across our centers, underscoring our ability to
maintain best-in-class care while rapidly growing.
- Received a Net Promoter Score (NPS) of 96.7 for member
satisfaction.
- Continued to make investments in our team members to support
platform infrastructure and de novo expansion with the addition of
a Southeast Market President, Chief Compliance Officer and Chief
People Officer.
- Appointed Jose Rodriguez, who previously served as CareMax’s
Lead Independent Director, as Chairman of CareMax’s Board of
Directors, bringing strong leadership in corporate governance and
experience running and auditing large, complex organizations,
including payors and providers engaged in Medicare Advantage
arrangements.
Financial Outlook for Full Year 2022
- Year-end Medicare Advantage membership of 38,000 to 40,000, up
13% to 19% year-over-year.
- Total revenue of $540 million to $560 million, up 34% to 39%
year-over-year, compared to $403.3 million for the prior year.
- Adjusted EBITDA in the range of $30 million to $40 million, up
125% to 200% year-over-year, compared to $13.3 million for the
prior year. For 2022, Adjusted EBITDA also excludes losses from de
novo medical centers.
- The Company continues to expect to open 15 de novo medical
centers in 2022.
1GAAP 2021 financial information includes the activities of IMC
Medical Group Holdings, LLC (IMC) and Care Holdings for the period
from June 8, 2021 to (and including) December 31, 2021 (207 days),
Senior Medical Associates for the period from June 18, 2021 to (and
including) December 31, 2021 (197 days), and DNF Medical Centers
for the period from September 1, 2021 to (and including) December
31, 2021 (122 days).
22021 and 2020 Pro Forma results reflect the business
combinations of legacy CareMax, IMC and Care Holdings as if they
had occurred on January 1, 2020.
3Pro Forma Medical Expense Ratio, Adjusted EBITDA and Platform
Contribution are non-GAAP financial metrics. A reconciliation of
non-GAAP metrics to GAAP financial statements is included in the
appendix to this earnings release. Full year 2021 Adjusted EBITDA
and Platform Contribution are pro forma for the business
combinations of CareMax, IMC, and Care Holdings as if they had
occurred on January 1, 2021.
4Pro Forma Run-Rate Revenue is a non-GAAP and illustrative
measure estimated based on applying annualized fourth quarter 2021
revenue to membership at the end of 2021. A reconciliation of Pro
Forma Run-Rate Revenue to fourth quarter 2021 revenue is included
in the appendix to this earnings release.
5Pro Forma Run-Rate Adjusted EBITDA is a non-GAAP and
illustrative measure comprised of the sum of 2021 Adjusted EBITDA
at legacy CareMax and IMC and estimated run-rate Adjusted EBITDA at
all other entities acquired in 2021, adjusted to include
approximately $5 million in synergies expected at the time of the
business combination between legacy CareMax, IMC, and Care
Holdings. A reconciliation of Pro Forma Run-Rate Adjusted EBITDA to
Adjusted EBITDA, which is reconciled to Net Income, is included in
the appendix to this earnings release.
Note on Reclassification of Contingent Earnout
Consideration
Due to a reclassification of the contingent share earnout
related to the Business Combination of CareMax and IMC from
stockholders’ equity to a liability for the period from the closing
of the Business Combination to the satisfaction of the first
earnout on July 9, 2021, we have determined that a restatement of
our previously reported financial statements for the quarters ended
June 30, 2021 and September 30, 2021 is appropriate. As a result of
the restatement, we expect GAAP net income in the aforementioned
periods will be materially impacted by remeasurement gains or
losses on the fair value of the earnout liabilities, which reverted
to stockholders equity on July 9, 2021 and are therefore estimated
to result in a one-time non-cash net gain of approximately $5.8
million for the full year 2021. This reclassification will have no
impact to our historical revenue, Adjusted EBITDA, or cash
flow.
Conference Call
Management will host a conference call at 8:30 am ET today to
discuss the results and business activities. A live audio webcast
as well as related presentation materials will be available at
ir.caremax.com. The conference call can also be accessed by dialing
(877) 407-9753 for U.S. participants, or (201) 493-6739 for
international participants. Following the live call, a replay will
be available on the Company's website.
About CareMax
CareMax is a technology-enabled care platform providing
value-based care and chronic disease management to seniors. CareMax
operates medical centers that offer a comprehensive suite of
healthcare and social services, and a proprietary software and
services platform that provides data, analytics, and rules-based
decision tools/workflows for physicians across the United States.
Learn more at www.caremax.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995,
as amended. These forward-looking statements include statements
regarding our future growth and strategy, the effects of the
restatement of the Company’s past financial statements and the
filing of the Company’s periodic reports. Words such as
"anticipate," "believe," "budget," "contemplate," "continue,"
"could," "envision," "estimate," "expect," "guidance," "indicate,"
"intend," "may," "might," "plan," "possibly," "potential,"
"predict," "probably," "pro-forma," "project," "seek," "should,"
"target," or "will," or the negative or other variations thereof,
and similar words or phrases or comparable terminology, are
intended to identify forward-looking statements. These
forward-looking statements reflect the Company’s expectations,
plans or forecasts of future events and views as of the date of
this press release. These forward-looking statements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements.
Important risks and uncertainties that could cause the Company's
actual results and financial condition to differ materially from
those indicated in forward-looking statements include, among
others, the impact of COVID-19 or any variant thereof on the
Company's business and results of operation; the availability of
sites for medical facilities and the costs of opening such medical
facilities; changes in market or industry conditions, regulatory
environment, competitive conditions, and receptivity to the
Company's services; the Company's ability to continue its growth,
including in new markets; changes in laws and regulations
applicable to the Company's business, in particular with respect to
Medicare Advantage and Medicaid; the Company's ability to maintain
its relationships with health plans and other key payers; any
delay, modification or cancellation of government contracts; the
Company's future capital requirements and sources and uses of cash,
including funds to satisfy its liquidity needs; the Company or any
other party’s ability to fulfill contractual obligations; the
impact of board leadership changes; the Company's ability to
recruit and retain qualified team members and independent
physicians; the timing and nature of the final resolution of the
accounting issues related to the contingent share earnout; any
delay in the filing of required periodic reports with the SEC;
whether a restatement of financial results will be required for
other accounting issues for the same or other periods in addition
to the restatement currently expected; additional uncertainties
related to accounting issues generally; and adverse effects on the
Company’s business as a result of the restatement process. For a
detailed discussion of the risk factors that could affect the
Company's actual results, please refer to the risk factors
identified in the Company's reports filed with the SEC. All
information provided in this press release is as of the date
hereof, and the Company undertakes no duty to update or revise this
information unless required by law, and forward-looking statements
should not be relied upon as representing the Company’s assessments
as of any date subsequent to the date of this press release.
Use of Non-GAAP Financial Information
Certain financial information and data contained this press
release is unaudited and does not conform to Regulation S-X.
Accordingly, such information and data may not be included in, may
be adjusted in, or may be presented differently in, any periodic
filing, information or proxy statement, or prospectus or
registration statement to be filed by the Company with the SEC.
Some of the financial information and data contained in this press
release, such as Pro Forma Run-Rate Revenue, Adjusted EBITDA and
margin thereof, Pro Forma Run-Rate Adjusted EBITDA and Platform
Contribution and margin thereof and Pro Forma Medical Expense Ratio
have not been prepared in accordance with United States generally
accepted accounting principles (“GAAP”). These non-GAAP measures of
financial results are not GAAP measures of our financial results or
liquidity and should not be considered as an alternative to net
income (loss) as a measure of financial results, cash flows from
operating activities as a measure of liquidity, or any other
performance measure derived in accordance with GAAP. The Company
believes these non-GAAP measures of financial results provide
useful information to management and investors regarding certain
financial and business trends relating to the Company’s financial
condition and results of operations. The Company’s management uses
these non-GAAP measures for trend analyses and for budgeting and
planning purposes.
The Company believes that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating projected operating results and trends in and in
comparing the Company’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors. Management does not consider these non-GAAP
measures in isolation or as an alternative to financial measures
determined in accordance with GAAP. The principal limitation of
these non-GAAP financial measures is that they exclude significant
expenses and income that are required by GAAP to be recorded in the
Company’s financial statements. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management about which expense and income are excluded or included
in determining these non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP
financial measures in connection with GAAP results. You should
review the Company’s audited financial statements, which have been
filed by the Company with the SEC.
A reconciliation for Adjusted EBITDA, Pro Forma Run-Rate
Revenue, Pro Forma Run-Rate Adjusted EBITDA and Pro Forma Medical
Expense Ratio to the most directly comparable GAAP financial
measures is included below. A reconciliation of projected 2022
Adjusted EBITDA to the most directly comparable GAAP financial
measure is not included in this press release because, without
unreasonable efforts, the Company is unable to predict with
reasonable certainty the amount or timing of non-GAAP adjustments
that are used to calculate this non-GAAP financial measure. In
addition, the Company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. The variability of the specified items may have a
significant and unpredictable impact on the Company’s future GAAP
results.
Use of Pro Forma Financial Information and Pro Forma Non-GAAP
Financial Information
The unaudited pro forma statements of operations below are
provided for informational purposes only and are not necessarily
indicative of the operating results or financial position that
would have occurred if the acquisitions of IMC and Care Holdings
had occurred in the stated historical periods, nor are they
indicative of the future results or financial position of the
combined company. The unaudited pro forma statements of operations
do not give effect to the potential impact, of any anticipated
synergies, operating efficiencies or cost savings that may result
from the acquisitions of IMC and Care Holdings, any integration
costs or tax deductibility of transaction costs.
Additionally, Adjusted EBITDA presented on a pro forma basis
gives effect to the acquisitions of IMC and Care Holdings as if
they had occurred in historical periods, which does not necessarily
reflect what the Company’s Adjusted EBITDA would have been had the
acquisitions occurred on the dates indicated.
CAREMAX, INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share data)
December 31, 2021
December 31, 2020
ASSETS
CURRENT ASSETS
Cash
$
47,917
$
4,934
Accounts receivable, net
41,998
9,395
Inventory
550
15
Prepaid expenses
17,040
183
Risk settlements due from providers
539
80
Due from related parties
-
274
Total Current Assets
108,044
14,881
Property and equipment, net
15,993
4,796
Goodwill
464,566
10,068
Intangible assets, net
59,811
8,575
Deferred debt issuance costs
1,972
-
Other assets
2,706
183
Total Assets
$
653,092
$
38,503
LIABILITIES AND STOCKHOLDERS'/MEMBERS'
EQUITY
CURRENT LIABILITIES
Accounts payable
$
3,110
$
1,044
Accrued expenses
8,686
2,572
Accrued interest payable
4
149
Risk settlements due to providers
196
643
Current portion of long-term debt
6,275
1,004
Due to related parties
-
39
Other current liabilities
3,687
-
Total Current Liabilities
21,959
5,451
Derivative warrant liabilities
8,375
-
Long-term debt, less current portion
110,960
26,325
Other liabilities
6,428
-
Total Liabilities
147,722
31,776
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS'/MEMBER'S EQUITY
Class A common stock ($0.0001 par value;
250,000,000 shares authorized; 87,367,972 shares issued and
outstanding at December 31, 2021)
9
-
Additional paid-in-capital
505,327
-
Retained Earnings
33
-
Member units (no par value, 200
authorized, issued and outstanding at December 31, 2020)
-
223
Members' equity
-
6,504
Total Stockholders'/Members'
Equity
505,370
6,727
Total Liabilities and
Stockholders'/Members' Equity
$
653,092
$
38,503
CAREMAX, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except share
and per share data)
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
$ in thousands
2021
2020
2021
2020
Revenue
Medicare risk-based revenue
$
91,277
$
27,968
$
233,282
$
103,051
Medicaid risk-based revenue
20,160
-
46,493
-
Other revenue
6,869
119
15,987
370
Total revenue
118,306
28,087
295,762
103,421
Operating expense
External provider costs
79,724
16,940
206,747
66,050
Cost of care
22,743
5,129
57,566
17,373
Sales and marketing
2,614
256
4,955
1,067
Corporate, general and administrative
16,315
3,123
40,579
7,748
Depreciation and amortization
6,089
429
13,216
1,501
Acquisition related costs
494
-
1,522
-
Total costs and expenses
127,981
25,876
324,585
93,739
Operating (loss) income
(9,674
)
2,211
(28,822
)
9,682
Interest (expense), net
(1,905
)
(542
)
(4,492
)
(1,659
)
Gain on remeasurement of warrant
liabilities
8,735
-
20,757
-
Gain on remeasurement of earnout
liabilities
-
-
5,794
-
Loss on disposal of fixed assets, net
(50
)
-
(50
)
-
Gain (loss) on extinguishment of debt,
net
(7
)
(451
)
1,630
(451
)
Other income (expense), net
(493
)
-
(1,333
)
-
Loss before income taxes
(3,395
)
1,218
(6,516
)
7,572
Income tax provision
159
-
159
-
Net income/(loss)
$
(3,553
)
$
1,218
$
(6,675
)
$
7,572
Net income (loss) attributable to
non-controlling interest
-
-
-
-
Net income (loss) attributable to
controlling interest
(3,553
)
1,218
(6,675
)
7,572
Net income (loss) per share attributable
to CareMax, Inc. Class A common stockholders
$
(0.04
)
$
0.11
$
(0.13
)
$
0.70
Weighted average shares outstanding -
basic and diluted
87,106
10,796
52,621
10,796
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Twelve Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES
Net (Loss)/Income
$
(6,675
)
$
7,572
Adjustments to reconcile net (loss)/income
to net cash
(Used in)/provided by operating
activities:
Depreciation expense
2,813
858
Amortization expense
10,402
643
Amortization of debt issuance costs
866
177
Stock compensation expense
1,341
-
Change in fair value of warrant
liabilities
(20,757
)
-
Gain on fair value change of contingent
earnout shares liability
(5,794
)
-
(Gain) loss on extinguishment of debt
(1,630
)
451
Other Non-cash, net
331
-
Changes in operating assets and
liabilities:
Accounts receivable
(3,836
)
(4,208
)
Inventory
(85
)
(5
)
Prepaid expenses
(768
)
6
Risk settlements due from/due to
providers
(459
)
248
Due to/from related parties
235
(146
)
Other assets
(1,501
)
12
Accounts payable
(984
)
(686
)
Accrued expenses
1,216
394
Other liabilities
1,574
-
Accrued interest
(145
)
-
Net Cash (Used In)/Provided by Operating
Activities
(23,856
)
5,316
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of property and equipment
(3,990
)
(2,151
)
Acquisition of businesses
(309,707
)
(2,566
)
Acquisition of intangible assets
(2,882
)
-
Asset Purchase Agreement Holdback
Payment
-
(329
)
Purchase of noncontrolling interest
ownership
-
(1,897
)
Net Cash Used in Investing Activities
(316,579
)
(6,942
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Borrowings under revolving loan
commitment
-
4,075
Loan from Paycheck Protection Program
-
2,164
Proceeds from issuance of Class A common
stock
415,000
-
Issuance costs of Class A common stock
(12,471
)
-
Reverse recapitalization
(108,435
)
-
Proceeds from borrowings on long-term debt
and credit facilities
125,000
-
Principal payments on long-term debt
(27,711
)
(425
)
Payment of deferred financing costs
(7,478
)
-
Payment of debt prepayment penalties
(487
)
-
Distributions to members
-
(3,691
)
Net Cash Provided by Financing
Activities
383,418
2,123
NET INCREASE IN CASH
42,983
497
Cash - Beginning of Period
4,934
4,438
CASH - END OF PERIOD
$
47,917
$
4,934
Reconciliation to COVID-Adjusted Medical Expense
Ratio
GAAP
Pro Forma
$ in thousands
Three Months Ended December
31, 2021
Twelve Months Ended December
31, 2021
Medicare and Medicaid Risk Revenue
$
111,437
$
380,112
Plus: Risk Adjustment Impact
2,966
11,557
Medicare and Medicaid Risk Revenue
Adjusted for Risk Adjustment Impact
$
114,403
$
391,669
External Provider Cost
$
79,724
$
283,797
Less: COVID Claims Expense
(212
)
(11,566
)
External Provider Cost Adjusted for
COVID Claims Expense
$
79,512
$
272,231
Medical Expense Ratio
71.5
%
74.7
%
Medical Expense Ratio Adjusted for Risk
Adjustment Impact and COVID Claims Expense
69.5
%
69.5
%
Non-GAAP Financial Summary
$ in thousands
Mar 31, 2020
Jun 30, 2020
Sep 30, 2020
Dec 31, 2020
Mar 31, 2021
Jun 30, 2021
Sep 30, 2021
Dec 31, 2021
Medicare Risk Revenue
$
63,373
$
62,040
$
63,188
$
65,210
$
65,394
$
66,618
$
76,428
$
91,277
Medicaid Risk Revenue
10,827
14,828
20,565
19,062
18,897
20,454
20,884
20,160
Other Revenue
4,608
4,126
3,351
3,801
4,127
4,839
7,308
6,869
Total Revenue
78,808
80,994
87,104
88,073
88,418
91,911
104,620
118,306
External Provider Costs
53,472
52,780
60,158
57,775
60,278
70,466
73,329
79,724
Cost of Care
11,246
10,093
11,417
12,446
13,427
13,246
20,315
22,538
Platform Contribution
14,090
18,121
15,529
17,852
14,712
8,199
10,976
16,044
Platform Contribution Margin (%)
17.9
%
22.4
%
17.8
%
20.3
%
16.6
%
8.9
%
10.5
%
13.6
%
Sales and Marketing
$
1,057
$
1,245
$
1,290
$
1,431
$
391
$
1,688
$
1,274
$
2,615
Corporate, General and Administrative
7,858
5,667
6,069
6,519
7,197
6,347
8,668
9,662
Adjusted Operating Expenses
8,915
6,912
7,359
7,951
7,588
8,036
9,942
12,276
De Novo Losses
3
24
68
484
184
364
195
489
Adjusted EBITDA
$
5,178
$
11,233
$
8,237
$
10,385
$
7,308
$
527
$
1,229
$
4,257
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred in
historical periods. Figures may not sum due to rounding.
Twelve Months ended December 31, 2021 compared to Twelve
Months ended December 31, 2020 Non-GAAP Financial Summary
For the Twelve Months Ended
December 31,
$ in thousands
2021
2020
Y/Y Change
Medicare Risk Revenue
$
299,717
$
253,811
$
45,906
Medicaid Risk Revenue
80,395
65,282
15,113
Other Revenue
23,143
15,886
7,257
Total Revenue
403,255
334,979
68,277
External Provider Costs
283,797
224,186
(59,611
)
Cost of Care
69,526
45,201
(24,325
)
Platform Contribution
49,931
65,592
(15,661
)
Platform Contribution Margin (%)
12.4
%
19.6
%
(7.2
%)
Sales and Marketing
5,968
5,023
(945
)
Corporate, General and Administrative
31,874
26,113
(5,761
)
Adjusted Operating Expenses
37,842
31,137
6,706
De Novo Losses
1,232
578
654
Adjusted EBITDA
$
13,321
$
35,033
$
(21,712
)
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred in
historical periods. Figures may not sum due to rounding.
Non-GAAP Operating
Metrics*
Mar 31, 2020
Jun 30, 2020
Sep 30, 2020
Dec 31, 2020
Mar 31, 2021
Jun 30, 2021
Sep 30, 2021
Dec 31, 2021
Centers
21
21
22
24
24
34
40
45
Markets**
1
1
1
1
1
2
3
4
Patients (MCREM)***
24,800
27,500
29,000
28,400
29,200
35,300
40,400
50,100
At-Risk
84.8
%
86.7
%
85.6
%
87.7
%
87.0
%
84.1
%
87.2
%
79.3
%
Platform Contribution ($,
Millions)****
$
14.1
$
18.1
$
15.5
$
17.9
$
14.7
$
8.2
$
11.0
$
16.0
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred in
historical periods. Figures may not sum due to rounding.
** CareMax currently defines markets as
metropolitan statistical areas (MSA); markets were previously
defined as states.
*** MCREM defined as Medicare Equivalent
Members, which assumes the level of support received by a Medicare
patient is equivalent to that received by three Medicaid or
Commercial patients.
**** Platform contribution defined as
revenue less external provider costs and cost of care, excluding
depreciation and amortization.
Reconciliation to Adjusted EBITDA*
$ in thousands
Mar 31, 2020
Jun 30, 2020
Sep 30, 2020
Dec 31, 2020
Mar 31, 2021
Jun 30, 2021
Sep 30, 2021
Dec 31, 2021
Net Income (Loss)
$
3,170
$
3,466
$
(281
)
$
1,218
$
1,302
$
10,057
$
(14,479
)
$
(3,553
)
GAAP Pro Forma Adjustments
(3,513
)
160
(189
)
1,912
(2,730
)
(6,186
)
-
-
Pro Forma Net Income
$
(343
)
$
3,626
$
(470
)
$
3,130
$
(1,429
)
$
3,871
$
(14,479
)
$
(3,553
)
Interest expense, net
1,658
1,689
1,656
1,628
1,400
1,667
1,291
1,905
Depreciation and amortization
3,514
3,244
3,368
3,418
2,979
3,339
5,176
6,089
Income tax provision
-
-
-
-
-
-
-
159
Gain on remeasurement of warrant
liabilities
-
-
-
-
-
(1,795
)
(10,227
)
(8,735
)
Loss/(Gain) on remeasurement of earnout
liabilities
-
-
-
-
-
(17,420
)
11,625
-
Loss on disposal of fixed assets, net
-
-
-
-
-
-
-
50
Loss/(Gain) on extinguishment of debt
-
-
-
451
-
806
(279
)
7
Other expense/(income)
(2
)
(12
)
100
(997
)
212
(2,367
)
840
493
EBITDA
4,827
8,547
4,653
7,630
3,162
(11,900
)
(6,053
)
(3,585
)
Other adjustments
Non-recurring expenses
(309
)
1,985
2,763
1,390
2,795
8,257
4,249
4,653
Acquisition costs
656
678
789
893
1,168
3,806
1,871
2,325
Stock based compensation
-
-
-
-
-
-
966
375
De novo losses
3
24
68
484
184
364
195
489
Discontinued operations
-
(0
)
(35
)
(12
)
(1
)
(0
)
-
-
Adjusted EBITDA
$
5,178
$
11,233
$
8,237
$
10,385
$
7,308
$
527
$
1,229
$
4,257
* Pro Forma figures give effect to the
Business Combinations of IMC and Care Holdings as if they had
occurred in historical periods. Figures may not sum due to
rounding.
Three and twelve months ended December 31, 2021 and 2020
Reconciliation to Adjusted EBITDA
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
$ in thousands
2021
2020
Y/Y Change
2021
2020
Y/Y Change
Net Income (Loss)
$
(3,553
)
$
1,218
$
(4,771
)
$
(6,674
)
$
7,572
$
(14,245
)
GAAP Pro Forma Adjustments
-
1,912
(1,912
)
(8,917
)
(1,629
)
(7,288
)
Pro Forma Net Income (Loss)
(3,553
)
3,130
(6,683
)
(15,590
)
5,943
(21,533
)
Interest expense
1,905
1,628
277
6,263
6,630
(368
)
Depreciation and amortization
6,089
3,418
2,671
17,583
13,544
4,039
Income tax provision (benefit)
159
-
159
159
-
159
Loss/(Gain) on remeasurement of warrant
liabilities
(8,735
)
-
(8,735
)
(20,757
)
-
(20,757
)
Loss/(Gain) on remeasurement of warrant
liabilities
-
-
-
(5,794
)
-
(5,794
)
Loss on disposal of fixed assets, net
50
-
50
50
-
50
Loss/(Gain) on extinguishment of debt
7
451
(444
)
534
451
83
Other expenses
493
(997
)
1,490
(823
)
(912
)
89
EBITDA
(3,585
)
7,630
(11,216
)
(18,376
)
25,657
(44,033
)
Other Adjustments
Non-recurring expenses
4,653
1,390
3,263
19,955
5,829
14,126
Acquisition costs
2,325
893
1,432
9,169
3,016
6,153
Stock based compensation
375
-
375
1,341
-
1,341
De novo losses
489
484
5
1,232
578
654
Discontinued operations
-
(12
)
12
(1
)
(48
)
47
Adjusted EBITDA
$
4,257
$
10,385
$
(6,128
)
$
13,321
$
35,033
$
(21,712
)
Reconciliation to Pro Forma Run-Rate Total Revenue
$ in thousands
4Q21 Total Revenue
$
118,306
Annualization
4.0
x
Annualized 4Q21 Total Revenue
473,224
Total Pro Forma Impact of Year-End
Membership
42,001
Pro Forma Run-Rate Total
Revenue
$
515,225
Reconciliation to Pro Forma Run-Rate Adjusted EBITDA
$ in thousands
Reported 2021 Adjusted EBITDA
$
13,321
Pro Forma Run-Rate Impact of
Acquisitions
17,127
Synergies
4,909
Pro Forma Run-Rate Adjusted
EBITDA
$
35,356
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220308005714/en/
CareMax, Inc. Media
Christine Bucan (305) 542-8855 Christine@thinkbsg.com Investor
Relations Samantha Swerdlin (847) 924-8980
samantha.swerdlin@caremax.com The Equity Group Inc. Devin Sullivan
(212) 836-9608 dsullivan@equityny.com
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